Strokes From Other Pens
Letter to the Editor
October 6, 2021
Letter to the Editor,
Congress — don’t give the IRS access to consumers’ bank accounts.
Credit unions and banks across the country are jointly opposed to an item being considered as part of the proposed $3.5 trillion reconciliation bill. The bill may include a provision requiring credit unions and banks report to the IRS the account transactions (deposits or withdrawals) of accounts that hold more than $600.
What does this mean for you, the consumer? An invasion of your privacy and potential additional taxes. This proposed fishing expedition is bad for consumers.